Tashkent, Uzbekistan (UzDaily.com) -- A delegation of Shanghai city headed by the General Secretary of the Shanghai Political and Legal Commission Cheng Ying paid a business visit to Tashkent.

Within the framework of this visit, the delegation held a meeting with representatives of Ipoteka Bank, which was held at the head office of the bank.

The key topic of the talks was the issues of direct attraction and efficient development of investments.

In his speech, the Secretary-General of the Shanghai Political and Legal Commission Cheng Ying praised the dynamic development of Uzbekistan’s economy, paying attention to the favorable investment climate created in the republic. He noted the growing interest in expanding partner relations with Uzbekistan. In this connection, as one of the priority tasks, Mr. Cheng Ying outlined the provision of assistance to the companies of Uzbekistan in establishing long-term business ties for the implementation of joint investment projects.

During the meeting, the guests were offered a presentation of the economic and investment potential of the Aydar-Arnasai water system, where active work is currently under way to develop a strategy for effective use of the water basin, increase the types of productive fish, and rational use of biological resources.

The presentation aroused great interest, the Chinese guests highly assessed the economic, industrial and investment potential of Uzbekistan, the macroeconomic reform of the country and an impressive GDP indicator.

The parties noted that the countries closely cooperate in key sectors of the economy and in the future intend to bring the trade turnover up to US$20 billion. More than 700 enterprises operate in Uzbekistan with the participation of investors from China, the Uzbek-Chinese Trade House was opened in Tashkent and the Association of Chinese Industrial and Commercial Enterprises operates.

Then the parties discussed issues of cooperation in fisheries, construction, entrepreneurship, exchange of scientific personnel, as well as issues of attracting direct investments for projects of interest to both sides.

It was also stressed that China has sufficient necessary capacity to promote the introduction of innovative technologies and can support local companies seeking long-term investment in promising projects in Uzbekistan.

Following the talks, the parties signed a Memorandum of Cooperation and Understanding. Priority directions of cooperation were fish breeding, production of building materials and textile industry.